She contacted me via Etsy. She’d seen my shop and thought my pieces would do great in her brick and mortar. She was right, I had an amazing run with my items in the shop. But I had to adjust my pricing quickly!
“Hi, I’d like to put a few of your items in our shop, do you sell on consignment?”
“Yes, I do!”
Besides having my patterns accepted into national publications, that was the most exciting news I could hear. My pieces were going to be in a major, high end shop!
We got on the phone and she told me they offered a 50/50 split! Ugh
My prices weren’t ready for a 50/50 split. If I used the pricing I had on Etsy I’d lose money. I couldn’t afford to lose money. So I had to cure my pricing disease fast! Which meant figuring out costs and what I needed to make this deal happen.
This could happen to you, is your pricing ready? When you look at the pricing you have, and cut it down 50/50 (or 60/40, 70/30 etc.) will you make enough money to make the deal a win/win? If not, you’ve got bad pricing disease!
Pricing is not guessing, it’s knowing what your business needs and where you want to go.
In this video I’ll talk about a simple way to price your items, in a crunch, that’ll give space for profit.
I ask questions so you really think about your process:
- What do you make?
- Where are you selling?
- Who are you selling to?
- What do your materials cost?
- How much time to do you spend on your business?
- What fees do you pay to list and sell your pieces?
- How much do you want to make?
Answering these questions will help you decide if a business is for you. Maybe you just want to keep your yarn work as a hobby. You’ll also be more confident and feel good about your pricing making you a much nicer, easier person to do business with.